Dunav slumps 9% after dividend cut-off

The shortened holiday trading week brought a sharp decline in the Belek15 index, with increased turnover in the bond and stock markets outside the index basket. Total turnover amounted to RSD 1.6bn (EUR 13.7m), while the Belex15 index fell by 1.5% to 1,135.1 points.

The index basket’s turnover was extremely low. The shares in Dunav Osiguranje (DNOS) continued to fall with relatively low turnover after the dividend cut-off. The stock fell 9.0% to RSD 1,330 with a modest turnover of RSD 0.7m.

Gornji Milanovac-based Metalac (MTLC), which recently announced an increased dividend of RSD 95 per share, rose 1.2% to RSD 1,984 on a turnover of RSD 1.2m. Messer Tehnogas’s (TGAS) turnover was more modest, while the stock remained flat at RSD 33,500.

The most active stock was Krusevac-based Jugoprevoz (JGPK), which recorded a turnover of RSD 294.7m after almost 50% of shares changed hands. After increasing its stake to 74.9%, majority owner Knez Petrol announced an intention to make a takeover bid.

In a similar move, the company Strela announced its intention to launch a takeover bid for Lasta (LSTA), in which it holds a 16.8% stake. Strela intends to take over the remaining 83.2% of the shares, a large part of which are owned or managed by the state.

WEEKLY REPORT, April 22-25, 2025